Jp Morgan Revealed As Mystery Trader That Bought £1Bn-Worth Of Copper On Lme

[interestrateripoff]

http://www.telegraph.co.uk/finance/newsbysector/industry/8180304/JP-Morgan-revealed-as-mystery-trader-that-bought-1bn-worth-of-copper-on-LME.html

The $1.5bn (£1bn) trade was described in the LME's daily update as "between 50pc and 80pc" of the 350,000 tonnes in reserves. This pushed up the price for the immediate delivery of copper to $8,700 – its highest level since the financial crisis in October 2008.

A high premium on the spot copper price normally reflects fear of a shortage of the metal, which is in hot demand across the world as a vital component in a mass of products from electrical gadgets to wiring.

A source close to the situation said that JP Morgan had bought the copper contracts, adding that amount is closer to the "lower portion of the range" disclosed by the LME.

Traders said JP Morgan's name had been circulating the market all day as the most likely buyer, especially since it is about to launch a physically-backed "exchange-traded fund" (ETF) in copper imminently.

One metals broker dealing on the LME said: "The story is that they're positioning themselves in front of the ETF. There's been a lot of speculation it's them."

Traders noted that there was no physical shortage of copper in the markets but that fears of a squeeze have persisted ever since a raft of investment banks announced their intention to launch ETFs this autumn.

So is this where some of the Ben Bernankes funny money is ending up?

So they are trying to ramp up the price to impress clients? So if the fund is backed by copper is it more of a purchasing power fund, ie you might suffer losses in nominal cash values but ultimately you'll retain purchasing power?

[Confounded]

So is this where some of the Ben Bernankes funny money is ending up?

It is where nearly all of the money will go, this is why inflating away the debt is not as simple as many people think.

Printing to save the richest few percent of the global populations asset prices may meet some resistance when the other 98% are not doing so well with the bottom 30% starving.

[richc]

One metals broker dealing on the LME said: "The story is that they're positioning themselves in front of the ETF. There's been a lot of speculation it's them."

How is that even legal?

[fellow]

Is it the same guy who bought all of the cocoa earlier this year?

Mystery trader buys all Europe's cocoa

[thecrashingisles]

Is it the same guy who bought all of the cocoa earlier this year?

Mystery trader buys all Europe's cocoa

If it's the same guy who bought all the pies I think we can guess his identity.

[non frog]

If it's the same guy who bought all the pies I think we can guess his identity.

....

JP Morgan employ his ex boss. Maybe Tone was friends with Madoff?

[Fawkandles]

Perfectly legal to buy stuff as long as you don't buy over 90% of it.

[@contradevian]

Perfectly legal to buy stuff as long as you don't buy over 90% of it.

And even if it were illegal it would only be a wrist slap fine.

[Bloo Loo]

Perfectly legal to buy stuff as long as you don't buy over 90% of it.

so, they cash in their impaired assets (financial) and they go and buy stuff in the real market with unparalleled amoutns of buying power and trade on their own account.

These arent banks, these are pirates.

Leeson went to prison becuase he traded on the Banks own account.

[123Jim]

Where does 90% come from?

[interestrateripoff]

Where does 90% come from?

From 100%?

[winkie]

From 100%?

I invested in the other 10%....it's all now gone.....sorry.

[interestrateripoff]

I invested in the other 10%....it's all now gone.....sorry.

It's OK the Ben Bernanke will create another 100%

[winkie]

It's OK the Ben Bernanke will create another 100%

He can't do that no one will no longer want it.......time to put contingency plan B into action.

[thecrashingisles]

It's OK the Ben Bernanke will create another 100%

The John Prescott is clearly less greedy than the Ben Bernanke.

[erranta]

http://www.telegraph...per-on-LME.html

So is this where some of the Ben Bernankes funny money is ending up?

So they are trying to ramp up the price to impress clients? So if the fund is backed by copper is it more of a purchasing power fund, ie you might suffer losses in nominal cash values but ultimately you'll retain purchasing power?

New York (Hidden name New Amster-dam) The BIG Apple (red + green)

Manhattan = 9/11 = S.O.S. = Synagogue Of Satan ("Jews who are NOT Jews" at the helm)

Talking about 'Morgan'

Trinity Church which was damaged by the towers collapsing was built with the guilt-ridden 'blood' money donated by a Pirate!

Cap'n

Edited December 4, 2010 by erranta

[erranta]

Enterprise.

Until mid-19c. (at least in Britain) mostly in a bad sense: "scheming, ambitious, foolhardy."